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Speaker 1: This is Bloomberg surveillance. If we got just a little

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Speaker 1: better than the worst productivity performance of any post war recovery,

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Speaker 1: that could make a big difference. I'm not convinced that

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Speaker 1: we're measuring GDP right. It doesn't feel like a two

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Speaker 1: percent world to me. It feels like a three percent world.

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Speaker 1: Fed his hemd us In, the dictates of the Phillips

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Speaker 1: curve model are simply that this business cycle will not

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Speaker 1: be allowed to accelerate. Bloomberg Surveillance your link to the

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Speaker 1: world of economics, finance, and investment on Bloomberg Radio. Good

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Speaker 1: morning everyone, Michael McKee and Tim Keen worldwide Bloomberg Surveillance.

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Speaker 1: We welcome all of you Bloomberg Radio Plus and of

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Speaker 1: course out on Bloomberg dot Com on our radio stations

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Speaker 1: Bloomberg two Boston, Bloomberg eleven three. Oh here in eighty degree, Mike,

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Speaker 1: do we get the eighty degrees today? Eighty degree? I

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Speaker 1: could say they're they're calling for about seventy five, and

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Speaker 1: usually they underplay that a little. So we'll see lunch

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Speaker 1: outside class outside today, Class out. I like that class

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Speaker 1: outside today. Remember that you've got nothing done. That's what

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Speaker 1: that was the whole point. But they class us. I

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Speaker 1: know they did never did that. At Yale University UM

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Speaker 1: and Bloomberg FM Washington, Good morning in Baltimore, and of

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Speaker 1: course early morning to you and San Francisco. Serious and

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Speaker 1: XM across this nation. Bloomberg surveillance this morning brought to

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Speaker 1: my cone Resnick Accounting Tax Advisory. It can be hard

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Speaker 1: to navigate through economic uncertainty. Your business needs industry insight

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Speaker 1: and transformative advice to drive it forward. Find out why

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Speaker 1: at cone Resnick dot com. He is from Xavier High School.

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Speaker 1: This is a few years back. He's the vice chairman

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Speaker 1: of the Bank of Cypress. Is that true? Wilbert Ross

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Speaker 1: joins us right now, there's that any in former radio

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Speaker 1: DJ as well? What does the vice chairman of the

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Speaker 1: Bank of Cypress do? Well, it was like a lady

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Speaker 1: d in waiting for the chairman. Yeah, were the board meetings?

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Speaker 1: I mean we all have a stereo. Well, first of all,

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Speaker 1: I would suggest of Americans can't find Cypress on a map.

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Speaker 1: That's a different story. But after the crisis on a

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Speaker 1: Saturday morning X number of years ago, explained to us

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Speaker 1: how you go into Cyprus and what you do is

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Speaker 1: a vice chairman. Well, first we went into Cyprus because

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Speaker 1: we felt that the concern about the economy was being

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Speaker 1: very much overdone. UH. Cypriot economy is based on tourism

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Speaker 1: and based on being a corporate headquarters for companies wanting

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Speaker 1: a low tax jurisdiction. We think those two have been

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Speaker 1: during characteristics to them. And our general theory is that

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Speaker 1: if you own a big bank in a small country,

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Speaker 1: you really have bought a warrant on the affairs of

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Speaker 1: that country. So it starts with deciding do we believe

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Speaker 1: the Cypriot economy would recover, And indeed it has. It's

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Speaker 1: had positive GDP growth and I think as it exists,

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Speaker 1: the program that now will be after Ireland, the big

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Speaker 1: poster boy for the economic turnaround in Europe. Let me

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Speaker 1: um go to the intersection of politics and money here.

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Speaker 1: We were talking earlier about the exit polls UH in

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Speaker 1: Michigan and Mississippi showing enormous numbers of people who voted

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Speaker 1: in the Republican primary, suggesting they think the economy is

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Speaker 1: in terrible shape and they're very worried about it. From

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Speaker 1: where you sit, how is the economy? Well, I think

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Speaker 1: the people who were worried about it, have a right

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Speaker 1: to be worried because the economy has not been very

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Speaker 1: evenly distributed, and the people left behind have been really

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Speaker 1: more or less the middle class and or middle class people.

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Speaker 1: And if you look at the Trump phenomenon, and you

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Speaker 1: look at the Sanders phenomenon, that's a lot of where

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Speaker 1: they're drawing their support from. That segment of the economy

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Speaker 1: really has not recovered, if anything, has lost some ground,

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Speaker 1: and they're angry about it, What about in the segment

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Speaker 1: of the economy you occupy And I don't just mean

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Speaker 1: you personally. Obviously your businesses do well, but the people

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Speaker 1: you talk to, the businesses you deal with, are they investing,

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Speaker 1: are they seeing profits? Are they optimistic about the future. Well,

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Speaker 1: I think everybody is concerned about geopolitics, not just in

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Speaker 1: the US. I can't remember a time where there's been

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Speaker 1: more extremism, more polarization, and just about every big country around,

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Speaker 1: every big democratic society around the world. You look at Germany,

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Speaker 1: you look at Spain having trouble forming a government, you

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Speaker 1: look at it, the you look, you look, you look,

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Speaker 1: you look at the US. With these phenomena we have

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Speaker 1: in the primaries, it's a very strange time globally, How

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Speaker 1: does your Republican party establishment regroup and move forward? Is

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Speaker 1: this a one off or is this a new calculus

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Speaker 1: for Lincoln's party? Well? I think the establishment is a

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Speaker 1: self appointed designation and I don't know there's any officialdom

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Speaker 1: that says this is the establishment. This is not um.

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Speaker 1: And I do think, as I said earlier, that it

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Speaker 1: was very unfortunate that Mitt Romney went so far as

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Speaker 1: to say he would not vote for Trump if Trump

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Speaker 1: were the nominee. I think if you believe in the

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Speaker 1: two party system, as I do, the leadership of the

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Speaker 1: party who's elected the guy who gets to be the

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Speaker 1: nominee should expect that the party will coalesce around him,

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Speaker 1: and it shouldn't be well, well, only coalesce if it's

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Speaker 1: somebody we'd liked anyway, that's not a party that that's individuality.

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Speaker 1: But what was wrong with Romney's analysis of Trump? Was

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Speaker 1: there anything in there that was inaccurate? Oh, he's entitled

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Speaker 1: to his views, and I think for him to say

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Speaker 1: he would personally prefer another candidate, fine, everybody should be

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Speaker 1: able to do that. I think where he went too

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Speaker 1: far was saying who would not vote for the party's nominee.

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Speaker 1: You don't see how you can be a party loyalist,

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Speaker 1: especially a party establishment figure, and say, but I will

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Speaker 1: go against the will of the party. But you see

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Speaker 1: Donald Trump running a campaign based on racism, based on

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Speaker 1: appealing to the worst in society, with an economic plan

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Speaker 1: that no economist thinks makes any sense to the extent

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Speaker 1: he even has a plan, Uh, why would you vote

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Speaker 1: for him? Is there is there nothing that could be

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Speaker 1: beyond the pale in a Kennedy? No, it isn't. That

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Speaker 1: isn't the question beyond the pale. I think if you

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Speaker 1: wish to be the leader of a party, party loyalty

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Speaker 1: has to factor into it. Parties are not meant to

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Speaker 1: be a thing that comes and goes. I haven't liked

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Speaker 1: all of the nominees that the Republican Party has put

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Speaker 1: forward in in my senatorial races and congressional races, even

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Speaker 1: in presidential But I think either you believe in the

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Speaker 1: two party system or you don't. And if you believe

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Speaker 1: in If you don't believe in the two party system,

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Speaker 1: that's fine, then you ought to be for fragmentation, not

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Speaker 1: say I'm a leader of a party, but I'm only

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Speaker 1: going to be a leader. If everybody else agrees with me,

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Speaker 1: then the numbers I saw yesterday independent nationally listed as Republicans,

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Speaker 1: we've become independent America. How do the parties attract and

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Speaker 1: retain those voters? Well, I think it is fact that

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Speaker 1: most people who now call themselves independents used to call

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Speaker 1: themselves Republicans and got fed up with the goings on

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Speaker 1: in the party. So I think to some degree what's

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Speaker 1: happening now is some of those people are climbing back.

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Speaker 1: I think a lot of the Tea Party people came

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Speaker 1: out of the Republican Party mainstream. So I think you

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Speaker 1: have now the issue does the Republican Party need a redefinition?

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Speaker 1: And this is a critical distinction the Tea Party crew.

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Speaker 1: Maybe they are comfortable with Senator Cruz as a general statement,

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Speaker 1: can they maybe can they move over? And can those

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Speaker 1: conservatives be comfortable with Mr Trump, who's got some very

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Speaker 1: different policies. Well that's that's obviously a big, very big question, um,

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Speaker 1: and it'll be answered pretty soon. UM. I think it

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Speaker 1: was very interesting to see the variety of jurisdictions in

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Speaker 1: which Trump has won. Uh, the evangelicals in South Carolina

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Speaker 1: going all the way to auto workers in Michigan. That

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Speaker 1: covers a pretty wide range of American population other than

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Speaker 1: the fact that he says he's a Republican. Now, why

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Speaker 1: would you vote for Donald Trump? What is it that

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Speaker 1: he could do for America? Well, I think he is

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Speaker 1: a leader, um and I think he's had very good

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Speaker 1: people hired in the past. People forget that when his

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Speaker 1: casinos went through the bankruptcies. Who was his chief financial officer,

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Speaker 1: Steve Bollenbach. What did Steve go on to do become

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Speaker 1: CEO of Hilton Hotels, did a very good job with

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Speaker 1: that and sold it for a great, huge fortune. So

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Speaker 1: he's had a history of having good people, and to me,

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Speaker 1: any kind of leadership is a function of having good

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Speaker 1: people in support of the number one person. But my

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Speaker 1: point is not so much to endorse Trump as to say,

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Speaker 1: either you have party that are coherent and stay together.

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Speaker 1: If the mass of the party nominates the candidates, they

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Speaker 1: should stick with it. Will Ross, Thank you so much,

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Speaker 1: w Ross and company with the comments on his Republican Party.

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Speaker 1: Mr Ross significant supporter of Governor Romney last time around.

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Speaker 1: Futures up ten, DALBT Futures up eighty two, Bright Fruit

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Speaker 1: forty dollars forty cents of barrel up sixty three cents.

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Speaker 1: Time now to check in with Michael R and get

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Speaker 1: the latest world end news national headlines like Mike Tom,

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Speaker 1: thank you very much. Republican presidential candidate Donald Trump says

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Speaker 1: there is a need for the party to unite around him.

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Speaker 1: Trump maintains though it would be premature to start toning

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Speaker 1: down to his aggressive campaign style, especially in the face

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Speaker 1: of what he calls vicious attacks from his rivals. Trump

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Speaker 1: won contests in Michigan, Mississippi, and Hawaii. Ted Cruz won

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Speaker 1: Idaho's primary yesterday. Bertie Sanders secured a narrow upset in

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Speaker 1: Michigan's primary. However, Hillary Clinton took Mississippi and now has

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Speaker 1: more than half of the delegates needed to secure the

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Speaker 1: Democratic presidential nomination. The two will meet for a debate

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Speaker 1: again tonight. French unions have slowed rail traffic around the

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Speaker 1: country with strikes. It is in protest of proposals by

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Speaker 1: President Francois Olan's government essentially would in the nation's thirty

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Speaker 1: five hour work week. Global news twenty four hours a day,

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Speaker 1: powered by our twenty four hundred journalists and more than

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Speaker 1: a hundred fifty news bureaus from around the world. Michael

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Speaker 1: bar to Michael, thank you so much. Michael McKee, Tom

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Speaker 1: King on economics, finance, investment, an international relation. This is

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Speaker 1: Bloomberg surveillance. Bloomberg surveillance is brought to you by a

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Speaker 1: of global connections. Bank of America n A, F D

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